Bhadora Industries Ltd Auditor Reports

To The Members of

BHADORA INDUSTRIES LIMITED

(Formerly known as Bhadora Industries Pvt. Ltd)

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Bhadora Industries Limited (Formerly known as Bhadora Industries Private Ltd.), which comprise the Balance Sheet as at 31st March, 2026 and the Statement of Profit and Loss and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2026, and profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit

of the Financial Statement sections of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules there under, and we have fulfilled our ethical responsibilities in accordance with these requirements and the code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

The following key audit matters have been identified based on: (i) areas involving significant management judgment and estimates, (ii) transactions that are individually significant or material in amount, (iii) areas of complexity in accounting treatment, and (iv) matters that involved significant auditor attention during the audit, including areas where the risk of material misstatement was higher.

Key Audit Matter 1: Initial Public Offer (IPO) — Proceeds and Utilization ^5,562.00 lakhs raised Note 3 & 4

Why this matter was determined to be a Key Audit Matter	How our audit procedures addressed this Key Audit Matter
During the year ended 31st March 2026, the Company completed its Initial Public Offer (IPO) and issued 54,00,000 equity shares of ^10 each at a premium, raising total proceeds of ^5,562.00 lakhs (net of which ^437.86 lakhs has been utilized toward issue-related expenses	Our audit procedures in relation to the IPO included:
).	\u2022 Reviewed the Prospectus / Red Herring Prospectus to understand the stated objects of the issue and the fund utilization plan;
	\u2022 Obtained the share allotment certificate and ROC filing records to verify the date of allotment of IPO shares and the number of shares allotted; \u2022 Verified the IPO proceeds received by tracing to bank statements and the certificate issued by the monitoring agency (if applicable);

Why this matter was determined to be a Key Audit Matter	How our audit procedures addressed this Key Audit Matter
The IPO and related accounting is a Key Audit Matter because:	\u2022 Tested the IPO issue expenses of ^437.86 lakhs to underlying invoices and verified the accounting treatment adopted \u2014 i.e., whether charged against
\u2022 The quantum of funds raised is highly material and represents a one-time, significant transaction for the Company;	Securities Premium under Section 52 of the Companies Act 2013; \u2022 Prepared an independent reconciliation of IPO proceeds against utilization to verify compliance with stated objects, including amounts deployed toward CWIP and amounts remaining unutilized;
\u2022 The utilization of IPO proceeds must be monitored against the stated objects of the offer document as per SEBI regulations and CARO 2020 Clause 3(x)(a);	\u2022 Recomputed the weighted average number of shares for Basic and Diluted EPS under AS 20 using the verified allotment date;
\u2022 The accounting treatment of Securities Premium (^5,022.00 lakhs gross) and issue expenses (^437.86 lakhs) requires judgment under Section 52 of the Companies Act 2013 and Schedule III;	\u2022 Reviewed the compliance certificate and reporting under CARO 2020 Clause 3(x)(a) regarding IPO proceeds utilization;
\u2022 The share allotment date is critical for the computation of weighted average number of shares for EPS under	\u2022 Verified that the disclosures in Notes 3 and 4 regarding share capital, securities premium, and promoter shareholding post-IPO are complete and accurate.
AS 20; \u2022 Compliance with SEBI LODR Regulations, Companies Act 2013, and the offer document disclosures requires specific audit attention.	Based on our procedures, we are satisfied that the IPO proceeds have been properly accounted for and that the utilization is in accordance with the objects stated in the Prospectus, subject to the observations communicated to management.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Companys Annual Report but does not include the financial statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statement, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If based on the work we have performed, we conclude that there is a material misstatement of this other information; we required to report that fact. We have nothing to report in this regard

Managements Responsibility for the Financial Statements

The Companys management and Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and Cash Flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements

that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Companies Act, 2013. We are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on other legal and regulatory requirements

1. As required by Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government of India, sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information & explanations which to the best of our knowledge and belief were necessary for the purpose of audit.

b) In our opinion, proper books of account as required by law have been kept by the company so far as it appears from our examination of the books.

c) The Balance sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014

e) On the basis of written representation received from the directors as on 31st March 2026, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2026, from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such control, refer to our separate report in Annexure B. g) With respect to the other matters to be included in the Auditors Report in accordance with the requirement of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the company to its directors during the year is in accordance with the provision of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

a. The Company does not have any pending litigations which would impact its financial position.

b. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

d. (i) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(iii) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has

come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material misstatement.

e. Company has declared no dividend in the financial year.

f. According to the information and explanations given to us, and based on our examination, the Company has not maintained its books of account using such accounting software which has a feature of recording an audit trail (edit log) facility, for the financial year ended 31 March 2026. Accordingly, we could not examine the audit trail. The management is aware of the requirement and is in the process of upgrading its accounting software to ensure compliance from the next financial year.

	As per our report of even date annexed For S. K. Khandelwal & Associates Chartered Accountants FRN:002305C
Place: Indore Date: 29-05-2026	SD/- Shubham Khandelwal Partner M.No. 412128 UDIN : 26412128LCJSYU7640

The Annexure referred to in Independent Auditors report to the members of M/s Bhadora Industries Limited (Formerly known as Bhadora Industries Private Limited) for the year ended 31st March 2026. We report that:

(I) In respect of the Companys fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The Management has confirmed that the Fixed Assets have been physically verified by them at reasonable time intervals in a phased manner.

No material discrepancies were noticed in such verification.

(c) According to the information and explanations given to us the company does not owns any immovable property. Further, the building appearing in the balance sheet is the cost incurred by the company on construction of building which has been constructed on the land taken on rent by the company.

(d) The company has not revalued its Property Plant & Equipment or Intangible Assets or both during the year.

(e) According to the information and explanations given to us and on the basis of our examinations of the records of the company, no proceedings have been initiated or are pending against the company for holding any Benami Property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

(II) a) The physical verification of inventory has been conducted at reasonable intervals by the Management during the year end, in our opinion, the coverage and procedures of such verification by Management are appropriate. There was no material discrepancies noticed on physical verification of inventory as compared to book records.

b) The Company has been sanctioned working capital limits in excess of 5 crores, in aggregate, from banks on the basis of security of current assets. the company has filed quarterly return or statements with such bank which are in agreement with books of accounts other than those material differences as set out below.

in Lacs
Name of the Bank	Aggregate working capital limit sanctioned (in Lacs)	Nature of Current Asset offered as Security	Qtr Ended	Amount disclosed as per quarterly return/ Statement (in lacs)	Amount as per Books of Account (in lacs)	Difference	Reason for Difference
ICICI Bank	2200.00	Inventory Trade receivable	June 30, 2025	921.86 2464.66	921.86 1853.69	0.00 -610.97	NA The bank entries are not recorded in the books on a day-to-day basis. Consequently, receipts received from customers may not be recorded immediately, resulting in a temporarily higher balance in the trade receivables (debtors) ledger as reflected on the date of reporting to the bank.
ICICI Bank	2200.00	Inventory Trade receivable	September 2025	1600.33 3026.54	1600.33 3161.10	0.00 134.57	NA Observation as per June 2025
ICICI Bank	2200.00	Inventory Trade receivable	December 2025	1808.27 4079.36	1808.27 3789.30	0.00 -290.06	NA Observation as per June 2025

Name of the Bank	Aggregate working capital limit sanctioned (in Lacs)	Nature of Current Asset offered as Security	Qtr Ended	Amount disclosed as per quarterly return/ Statement (in lacs)	Amount as per Books of Account (in lacs)	Difference	Reason for Difference
ICICI Bank	2200.00	Inventory	March 2026	1557.02	1420.02	137.00	Due to Estimated valuation of WIP which was changed during the Audit.
		Trade receivable		4236.92	5293.15	1056.23	Variation mainly Due to price variation debit note issue to customer after submission. trade receivable statement submitted to bank.

(III) The company has not granted any loan secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Companies Act 2013.

(IV) In our opinion and according to the information and explanation given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 with respect to loans, investments and guarantees given.

(V) The company has not accepted any deposits within the meaning of section 73 to 76 of the Act from the public. Accordingly, the provisions of clause 3(v) of the order are not applicable to the Company.

(VI) The Central Government has prescribed the maintenance of cost records under Section 148(1) of the Act in respect of the products manufactured by the Company. We have been informed that the Company is required to maintain such cost records. However, the prescribed cost records were not made available to us for verification during the course of our audit. Accordingly, we are unable to comment on whether the prescribed cost accounts and records have been made and maintained in accordance with the requirements of Section 148(1) of the Act and the applicable rules.

(VII) (a) The company is regular in depositing with

appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, wealth tax, income tax, cess and other material statutory dues.

According to the information and explanation given to us, no undisputed amounts payable in respect of income tax, sales tax, wealth tax, custom duty, excise duty, GST and cess were in arrears, as at 31st March, 2026 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us there are no disputed amount payable in respect of income tax, sales tax, wealth tax, custom duty, excise duty, GST and cess were in arrears, as at 31st March, 2026.

(VIII) According to the information and explanation given to us, there was no transaction found unrecorded in books of accounts of the company which have been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act,1961.

(IX) In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of loans or borrowings to a financial institution, bank, Government or dues to debenture holders.

(X) (a) In our opinion and according to the information and explanations given to us, money raised by way of initial public offer were applied for the purposes for which these were obtained.

(b) The Company has not made any preferential allotment or private placement of shares or fully or partially or optionally convertible debentures during the year. Accordingly, the reporting under Clause 3(x)(b) of the order is not applicable to the company.

(XI) (a) During the course of our examination of the books and records of the company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the company or on the company, noticed or reported during the year, nor have we been informed of any such case by the management.

(b) During the course of our examination of the books and records of the company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, in form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the central government. Accordingly, the reporting under Clause 3(xi)(b) of the order is not applicable.

(c) As per information and explanation given by the management there were no whistle blower complaints received by the company during the year.

(XII) In our opinion and according to the information and explanation given to us, the company is not a NIDHI company. Accordingly paragraph 3 (xii) of the order is not applicable.

(XIII) According to the information and explanation given to us and based on our examination of the records of the company transactions with the related parties are in compliance with section 177 and 188 of Companies Act 2013, where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(XIV) According to the information and explanation given to us based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(XV) According to the information and explanation given to us based on our examination of the records of the company, the company has not entered into any noncash transactions with directors or persons connected with him. Accordingly paragraph 3 (xv) of the order is not applicable.

(XVI) (a) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under Clause 3 (xvi)(a) of the order is not applicable.

(b) The Company has not conducted non-banking financial/ housing finance activities during the year. Accordingly, reporting under Clause 3 (xvi)(b) of the order is not applicable.

(c) The Company is not a Core investment Company (CIC) as defined in the regulation made by Reserve Bank of India. Accordingly, reporting under Clause 3 (xvi)(c) of the order is not applicable.

(d) This clause is not applicable to company as it is not CIC.

(XVII) The company has not incurred any cash losses in the financial year as well as in the immediately preceding financial year.

(XVIII) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under Clause 3 (xviii) of the order is not applicable.

(XIX) According to the information and explanation given to us and on the basis of financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, auditors knowledge of the Board of Directors and management plans, no material uncertainty exists as on the date

of audit report and company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date..

(XX) The Company has fully spent the required amount towards Corporate Social responsibility (CSR) and there are no unspent CSR amounts for the year requiring a transfer to a fund specified in Schedule VII of the Act or special account in compliance with the provision of sub-section (6) of Section 135 of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable for the year.

(XXI) The company is not a Holding company. Accordingly,

reporting under Clause 3 (xxi) of the order is not applicable.

	As per our report of even date annexed For S. K. Khandelwal & Associates Chartered Accountants FRN:002305C
Place: Indore Date: 29-05-2026	SD/- Shubham Khandelwal Partner M.No. 412128 UDIN : 26412128LCJSYU7640

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of M/s Bhadora Industries Limited (Formerly known Bhadora Industries Private Limited) as of 31st March 2026 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of

internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	As per our report of even date annexed For S. K. Khandelwal & Associates Chartered Accountants FRN:002305C
Place: Indore Date: 29-05-2026	SD/- Shubham Khandelwal Partner M.No. 412128 UDIN : 26412128LCJSYU7640